Home sales dip slightly but market remains white hot

Article Provided by: The Austin Business Journal

Amid climbing home prices and robust demand, there was a slight hiccup in the monthly sales report released Monday by the Austin Board of Realtors.

For the first time since May, single-family home sales fell in November compared to the same period a year before, dropping 4 percent to 1,814.

However, the median home price was $270,000 in November, a record for that month and up 10 percent from November 2014.

“With the Austin-area population exceeding two million over the summer, growth in Central Texas is showing no signs of slowing,” said ABOR President Barb Cooper.

Other highlights from the report:

  • New listings were up slightly last month at 2,095, 1 percent higher than November 2014.
  • Overall housing inventory was 2.4 months, unchanged from a year ago (the Real Estate Center at Texas A&M University considers approximately 6.5 months a balanced inventory level)
  • The average sale price was $347,292, up 12 percent from November 2014
  • Total sales volume was $629,987,688 — an 8 percent jump from the same month last year

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Author: Monte Davis

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